Magamtic Resources (ASX:MAG) reports the presence of visible copper sulphide mineralisation following an ongoing 3,000m-plus diamond drilling (DD) program at its 100% owned Myall Project in New South Wales.
The results, generated by two diamond drillholes, highlight strong porphyry-style copper-gold-molybdenum mineralisation within the upper levels of the prospect.
Key intercepts include hole 22MYDD414 with 88.4m @ 0.35% Cu, incl. 15m @ 0.90% Cu (from base to cover sequence), and hole 22MYDD415 with 151.5m @ 0.37% Cu, 0.08g/t Au and 43ppm Mo (from base to cover sequence), including 13m @ 0.81% Cu, 0.19g/t Au and 90ppm Mo.
Commenting on the results, Magamtic Resources Managing Director Adam McKinnon stated: “This is an absolutely stunning result for the first full hole of our drilling program at Myall.
It’s difficult to describe the excitement of our team each time we look over the previous day’s core and see an ever-increasing interval of visible sulphide mineralisation.
“It’s difficult to describe the excitement of our team each time we look over the previous day’s core and see an ever-increasing interval of visible sulphide mineralisation”
We are so far past our original target now that we are effectively exploring a brand-new search space to the east of the original Corvette Prospect – currently untested in every direction – and still going.
In terms of the assays returned for the upper part of hole 22MYDD415, on a length-weighted basis the strong copper, gold and molybdenum results already define one of the best intersections from the Myall Project area to date, and that’s with more than 75% of this interval yet to be assayed.
The intensity of visible copper sulphide mineralisation observed in several zones further down the hole is also very encouraging and highlights the immense potential of the project. While we have to wait for the assays for confirmation, we are very confident these areas will be key targets for follow-up drilling.
We believe the incredible overall length and intensity of the porphyry style-alteration and mineralisation encountered in 22MYDD415 has progressed the Myall Project significantly closer to a major, potentially regionally significant copper-gold discovery.
Given the Myall region has been actively explored for the last 25 years, the outstanding results so far are a testament to the vision, persistence and technical skill of the entire Magmatic team.”
The company also notes that extended drilling continues to follow the ongoing intersection of porphyry-style alteration, veining, brecciation and variable weak to moderate visible sulphide mineralisation over a down hole intercept of +740m, which includes the strongest mineralisation observed to date.
In addition, the strong visible sulphide mineralisation between 573-602m within drillhole 22MYDD415 represents a potential new target zone and is completely untested in all directions.
It is expected that this drillhole will be drilled to a depth of 1,000m, with further extensions to be determined by the tenor of alteration and continuation of visible mineralisation at that depth.
The Myall Copper-Gold Project is located about 25km southwest of the township of Narromine in Central New South Wales and covers the northern extension of the Junee-Narromine Volcanic Belt, comprising a single exploration licence across a total land area of 245 2km-square. The project is considered highly prospective for Northparkes-style copper-gold porphyry mineralisation and is wholly owned by Magmatic Resources.
With DD operations still ongoing, Magmatic Resources announces that its technical team are currently evaluating options for follow up drilling once drillhole MYDD415 is complete, with a modified program being developed to expand the exceptional assay and visual results returned to date.
Images: Magmatic Resources Ltd
